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Tokyo used to be one of the biggest global financial centers rivaling New York and London. Now, being far behind Hong Kong and Singapore, Tokyo Metropolitan Government (TMG) aims to return as a top global financial center. In its attempt to once again become a global financial city, TMG appears to be willing to accommodate demands from foreign financial players. In June 2017, TMG released the interim report on the “Global Financial City Tokyo” Initiatives…
Tokyo used to be one of the biggest global financial centers, rivaling New York and London. Now, it is viewed by many as having fallen far behind Hong Kong and Singapore as an Asian financial center. However, the Tokyo Metropolitan Government (TMG) now aims to return the city to its status as a top global financial center. In its attempt to once again become a global financial city, TMG appears to be willing to solicit…
The Financial Service Agency of Japan (JFSA) submitted a bill (Bill) to the National Diet to amend the Banking Act (Act No. 59 of 1981, as amended, the Banking Act) on March 3, 2017, to employ a new regulation on the electronic banking settlement agency service (Electronic Settlement Agency Service or Service), which provides agent services for bank account holders, such as giving a remittance instruction to banks or receiving bank account information from a bank…